China Tech Newsletter – May 3rd, 2016

Zhong An, the online-only insurer with Alibaba and Tencent as shareholders, recorded RMB2.3 billion (US$350M) in annual revenue in 2015, a year-over-year increase of 188%.

Net profit grew 517% year-over-year to RMB168 million (US$26M).

Chinese users can now pay for Uber rides via Alipay in foreign markets.

Baidu is under investigation “after the death of a college student who said he received distorted information on cancer treatment from the company’s search engine”. — The New York Times

Electric car startup Che He Jia (“Car and Home”) announces RMB780 million (US$120M) in Series A round of financing at a valuation of approximately RMB3 billion (US$460M). The startup was founded in July 2015 by serial entrepreneur Li Xiang, founder of online auto portal AutoHome Inc. (NYSE:ATHM).

Alibaba affiliate Beijing Enlight Media (SZ:300251) announces to invest an additional RMB131 million (US$20M) into Zhejiang Qiju Technology Ltd. (not official translation), the company behind, a live video streaming service built on top of Tencent QQ instant messaging platform, for a 36% stake. Enlight Media will hold 63% in Zhejiang Qiju Technology Ltd. upon completion of the deal.

Launched in 2014, has had more than 50,000 content contributors and 15 million monthly active users, according to the company. (via Sina Tech)


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